Overview

This briefing from Macfarlanes considers the recent case of Rainy Sky S.A. and others v Kookmin Bank in which the Supreme Court determined whether payments could be claimed under the terms of a refund guarantee with a bank. This case provides useful guidance on the rules of contract interpretation and shows that where the language of a contract is capable of two interpretations, the court will give effect to the meaning that most accords with commercial common sense.

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